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Canadian (TSX) Market Analysis & Valuation

UpdatedDec 20, 2025
DataAggregated Company Financials
Companies2206
  • 7D0.3%
  • 3M6.2%
  • 1Y26.4%
  • YTD24.8%

Over the last 7 days, the market has remained flat, although notably the Healthcare sector declined by 5.3%. As for the longer term, the market has risen 26% in the past 12 months. Looking forward, earnings are forecast to grow by 12% annually.

Trending IndustriesOil and GasGoldBiotechSoftwareRenewable Energy

Market Valuation and Performance

Has the Canadian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 20 Dec 2025CA$4.9tCA$2.1tCA$224.7b16.4x21.7x2.3x
Mon, 17 Nov 2025CA$4.7tCA$2.1tCA$224.3b16x21x2.2x
Wed, 15 Oct 2025CA$4.7tCA$2.2tCA$209.6b16.7x22.3x2.2x
Fri, 12 Sep 2025CA$4.6tCA$2.1tCA$208.5b16.3x22x2.1x
Sun, 10 Aug 2025CA$4.4tCA$2.1tCA$201.9b15.7x21.6x2x
Tue, 08 Jul 2025CA$4.3tCA$2.1tCA$191.6b16x22.5x2x
Thu, 05 Jun 2025CA$4.2tCA$2.1tCA$191.8b15.5x21.9x2x
Sat, 03 May 2025CA$4.0tCA$2.1tCA$175.5b14.8x22.5x1.9x
Mon, 31 Mar 2025CA$3.9tCA$2.1tCA$173.8b15x22.7x1.9x
Wed, 26 Feb 2025CA$4.0tCA$2.1tCA$168.8b14.8x23.6x1.9x
Fri, 24 Jan 2025CA$3.9tCA$2.1tCA$171.2b15x23x1.8x
Sun, 22 Dec 2024CA$3.8tCA$2.1tCA$169.1b13.8x22.7x1.8x
Tue, 19 Nov 2024CA$3.9tCA$2.1tCA$167.6b14.5x23.2x1.8x
Thu, 17 Oct 2024CA$3.9tCA$2.1tCA$168.0b15.6x23.2x1.9x
Sat, 14 Sep 2024CA$3.8tCA$2.1tCA$167.4b15.1x22.4x1.8x
Mon, 12 Aug 2024CA$3.6tCA$2.1tCA$170.3b14.3x21x1.7x
Wed, 10 Jul 2024CA$3.6tCA$2.0tCA$166.5b13.9x21.4x1.7x
Fri, 07 Jun 2024CA$3.6tCA$2.0tCA$167.3b14.4x21.4x1.8x
Sun, 05 May 2024CA$3.5tCA$2.1tCA$172.9b14x20.4x1.7x
Tue, 02 Apr 2024CA$3.5tCA$2.0tCA$173.3b13.9x20.5x1.7x
Thu, 29 Feb 2024CA$3.4tCA$2.1tCA$172.2b13.7x19.8x1.7x
Sat, 27 Jan 2024CA$3.4tCA$2.1tCA$173.9b12.8x19.6x1.6x
Mon, 25 Dec 2023CA$3.4tCA$2.1tCA$172.8b13.2x19.5x1.6x
Wed, 22 Nov 2023CA$3.2tCA$2.1tCA$179.8b12x18x1.6x
Fri, 20 Oct 2023CA$3.1tCA$2.1tCA$185.3b11.5x17x1.5x
Sun, 17 Sep 2023CA$3.3tCA$2.1tCA$184.5b11.9x18x1.6x
Tue, 15 Aug 2023CA$3.3tCA$2.1tCA$187.6b11.5x17.5x1.6x
Thu, 13 Jul 2023CA$3.2tCA$2.1tCA$200.1b11.3x16.2x1.5x
Sat, 10 Jun 2023CA$3.2tCA$2.1tCA$199.8b11.1x16.1x1.5x
Mon, 08 May 2023CA$3.3tCA$2.1tCA$209.9b11.1x15.8x1.6x
Wed, 05 Apr 2023CA$3.3tCA$2.1tCA$217.6b10.6x15.2x1.6x
Fri, 03 Mar 2023CA$3.3tCA$2.1tCA$226.6b10.9x14.8x1.6x
Sun, 29 Jan 2023CA$3.4tCA$2.1tCA$245.1b10.9x13.9x1.6x
Tue, 27 Dec 2022CA$3.2tCA$2.1tCA$245.9b10.4x13.1x1.6x
Price to Earnings Ratio

13.1x


Total Market Cap: CA$3.2tTotal Earnings: CA$245.9bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 19.9x202320242025
Current Market PE
  • Investors are relatively neutral on the Canadian market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 19.9x.
Past Earnings Growth
  • The earnings for Canadian listed companies have declined 3.0% per year over the last three years.
  • Meanwhile revenues have been flat.
  • This means that either the cost of doing business or the level of investment back into businesses is increasing since sales have remained steady while profits have fallen.

Sector Trends

Which sectors have driven the changes within the Canadian Market?

CA Market0.33%
Materials2.38%
Real Estate1.91%
Consumer Discretionary1.64%
Consumer Staples1.13%
Financials0.69%
Industrials0.41%
Tech0.29%
Utilities-0.30%
Telecom-0.95%
Energy-3.10%
Healthcare-5.27%
Sector PE
  • Investors favour the Tech sector the most for future growth which is trading above its 3-year average PE ratio.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 25.0%, which is higher than its past year's earnings growth of 17.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 69% over the next 5 years.
  • This is better than its past earnings growth rate of 9.5% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 20% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
RY Royal Bank of CanadaCA$232.711.9%
+CA$6.2b		34.2%PB2.6xFinancials
ABX Barrick MiningCA$61.624.0%
+CA$4.0b		177.3%PE21xMaterials
TD Toronto-Dominion BankCA$127.991.7%
+CA$3.7b		70.6%PB1.7xFinancials
FFH Fairfax Financial HoldingsCA$2.54k3.7%
+CA$2.0b		27.2%PE8.6xFinancials
CSU Constellation SoftwareCA$3.38k2.7%
+CA$1.9b		-24.2%PE75.4xTech
See more

Market Insights

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ABX
CA$61.62
Barrick Mining
7D
4.0%
1Y
177.3%
CSU
CA$3,375.08
Constellation Software
7D
2.7%
1Y
-24.2%
RY
CA$232.71
Royal Bank of Canada
7D
1.9%
1Y
34.2%
TD
CA$127.99
Toronto-Dominion Bank
7D
1.7%
1Y
70.6%
ENB
CA$64.30
Enbridge
7D
-1.8%
1Y
8.2%

ENB: Future Returns Will Depend On U.S. Investment Shift And Dividend Durability

Enbridge's fair value estimate has nudged higher to approximately C$71.07 from about C$70.45, as analysts gradually lift price targets across the midstream peer group while factoring in slightly softer revenue growth, broadly stable margins, and a modestly higher future P/E multiple. Analyst Commentary Recent Street research on Enbridge reflects a generally constructive but still balanced stance, with incremental price target increases clustered in the mid C$60s to around C$70 and rating language that largely reinforces a hold or market perform view.
CLS
CA$407.37
Celestica
7D
-3.4%
1Y
197.5%
MFC
CA$49.92
Manulife Financial
7D
2.2%
1Y
14.7%

MFC: Core Insurance And Asia Execution Will Support Balanced Medium Term Outlook

Analysts have nudged their price targets on Manulife Financial higher, with recent revisions in both U.S. dollar and Canadian dollar terms reflecting stronger than expected life insurance earnings and solid core insurance and Asia growth. This has resulted in a modest increase in our fair value estimate to about $51.94.
IMO
CA$116.04
Imperial Oil
7D
-8.3%
1Y
31.0%
CVE
CA$23.03
Cenovus Energy
7D
-7.2%
1Y
11.2%

CVE: MEG Integration And Buybacks Will Drive Future Margin And Cash Flow

We are raising our fair value estimate for Cenovus Energy slightly to $29.68 from $29.35, as analysts lift price targets across the sector, citing updated 2025 guidance, early 2026 outlook commentary, and improved profitability expectations following the MEG acquisition. Analyst Commentary Street research activity around Cenovus has been active, with a series of target price revisions and rating changes reflecting shifting views on the company’s post MEG-acquisition profile, capital allocation, and risk-reward balance.
CNQ
CA$43.99
Canadian Natural Resources
7D
-3.2%
1Y
3.5%
FFH
CA$2,540.97
Fairfax Financial Holdings
7D
3.7%
1Y
27.2%

FFH Will Face Mounting Execution Risks At Current Elevated Share Price

Analysts have moderately trimmed their price target on Fairfax Financial Holdings, lowering it to C$2,900 from C$3,050. This reflects the incorporation of slightly softer long term revenue growth, profit margin expectations, and a lower future P/E multiple into their valuation models, while still maintaining a broadly positive outlook.
SU
CA$58.98
Suncor Energy
7D
-3.3%
1Y
18.9%
PPL
CA$50.91
Pembina Pipeline
7D
-5.8%
1Y
-2.8%

PPL: Long Term Projects And Stable Margins Will Guide Balanced Future Outlook

Analysts have modestly raised their price target on Pembina Pipeline to approximately $59.06, citing stable long term revenue growth expectations and resilient profit margins that support maintaining a similar valuation multiple. What's in the News Pembina and PETRONAS signed a 20 year agreement for 1.0 mtpa of liquefaction capacity at the USD 4 billion Cedar LNG project, which remains on time and on budget with an expected in service date in late 2028 (company news release).
BAM
CA$72.02
Brookfield Asset Management
7D
-2.8%
1Y
-8.0%
FM
CA$35.17
First Quantum Minerals
7D
5.7%
1Y
87.0%
ATD
CA$74.15
Alimentation Couche-Tard
7D
2.6%
1Y
-8.2%